HDFC Mutual Fund subsidiary buys 5.45 per cent SpiceJet stake from open market
NEW DELHI: At a time when the rating agencies and investors are skeptical about the survival of many airlines, HDFC Trustee Company Limited, a subsidiary of HDFC Mutual Fund, has bought 3.4 crore shares of domestic carrier SpiceJet from the open market, which accounts for 5.45 per cent stake in the private airline.
The open market stake purchase comes days after rating agency CRISIL downgraded the rating for SpiceJet’s short-term loans from ‘BB-’ to ‘B’ on significant deterioration of business risk profile amidst the coronavirus lockdown.
